Ethereum’s price has undergone an extensive phase of sideways consolidation subsequent to a decline toward the critical support level of $3K.
Despite this, the cryptocurrency seems confined within a range between $3K and $3.7K, and it’s unlikely that volatility will pick up unless it manages to break out in either direction.
Technical Analysis
By Shayan
The Daily Chart
A comprehensive analysis of the daily chart reveals Ethereum’s prolonged sideways consolidation after finding substantial support around the $3K threshold. This zone aligns with significant Fibonacci retracement levels ranging between 0.5 ($3190) and 0.618 ($2972) alongside the pivotal 100-day moving average at $2972. This confluence of support levels spurred a rebound in ETH’s price, pushing it towards the upper boundary of the range at $3.7K.
However, recent price action has encountered resistance near the upper boundary of the range, suggesting the presence of sellers at this critical juncture.
Nevertheless, E
We współpracy z: https://cryptopotato.com/eth-slides-below-3-5k-but-bullish-presence-remains-strong-ethereum-price-analysis/
